Buying the Best in Jacksonville Foreclosure Homes

By: philip smith

In many streets in North side numerous sheriff sale placards now mark out Jacksonville foreclosure homes for all to see.

Jacksonville has foreclosure rates that are among the highest nationwide. Foreclosures have increased significantly as the rate of delinquency on sub prime and adjustable rates mortgages has increased. It's a state wide problem, and Florida is one of the four states that contribute the bulk of the nation's foreclosures.

Jacksonville is noted too this year for an oversupply of residential property and a volume of foreclosures that are obvious in all neighborhoods, affecting all house price ranges and every income group. A predator's delight? Could be.

The largest city in Florida has more than one million residents included in the metropolitan area stretching over 4 counties and 3 beach cities. It has a diverse manufacturing base, an extensive port of entry, and the US Navy is the largest employer. Tourists and retirees are attracted to this vibrant city which is noted for its very distinct neighborhood differences in style, architecture and ethnicity, all connected by a multi service transport system. And a significant and increasing number of properties repossessed by lenders.

The bargains are there to be had by buyers of all stripes; investors, young family first home buyers, budget conscious retirees. Knowledgeable local realtors will guide you through the listings of bank and mortgage company, HUD and other government institutional property that compete with both the traditional housing market and with increasing numbers of single and multi family homes in pre foreclosure for wary buyers' attention. You'll secure greater discounts on the REO that has been on the books for some time, but beware; the price must be low enough to compensate the buyer for the entire repair to return the home to a fair standard. Among the pros of buying from the lender owner, these properties have unblemished titles and any eviction is the responsibility of the seller. Looming largest among the cons is that 'as is' clause, it just isn't smart to consider the leads where a full inspection is not possible before making an offer, or a conditional clause in the offer is not acceptable to the seller. Consider the pre foreclosure with a level of equity if you find that gem by all means, beginners will need good advisors, an eye on risk, stamina for a steep learning curve and lots of discipline and patience. Good hunting!

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